Cyber Insurance Best Practices

1/3 of Ransomware Victims Did Not Recover Data Even After Paying Up

June 10, 2024 by Mark Sauter

In the world of cybercrime, few experiences are as frustrating as paying a ransom to recover stolen data only to remain empty-handed. This stark reality is highlighted in the issue of ransomware data recovery where recent studies reveal that 1/3 of ransomware victims did not recover data even after paying up. For individuals and businesses, … Read more

“A Rose by Any Other Name” Does Not Apply to Cyber Insurance — The Lack of Standard Terminology in the Industry

May 13, 2024 by Mark Sauter

“What’s in a name? That which we call a rose by any other name would smell as sweet,” wrote Shakespeare. But cyber insurance experts think there’s nothing sweet about the lack of standard terminology in cyber liability insurance policies. “‘This dearth of common language, (Peter Hedberg of Corvus Insurance) said, can create unintended confusion when … Read more

Berkley Cyber Risk Solutions Launches Crisis Counseling Coverage for Data Breach Victims

May 1, 2024 by Martin Hinton

Data breaches, often triggered by human error, not only compromise security but also bring significant emotional distress and financial impacts to the employees involved. The stress and guilt stemming from these incidents can affect productivity and well-being, leading to a tangible cost for businesses. In response, Berkley Cyber Risk Solutions, a division of the Berkley … Read more

Don’t Initiate that Wire Payment Before Reading This. Funds Transfer Fraud Jumps in Frequency and Severity, Coalition Reports

April 29, 2024April 29, 2024 by Mark Sauter

We told you about Coalition’s findings on business email compromise (BEC), as reported in the managing general agent’s 2024 Cyber Claims Report. But we were also struck by the data on Fund Transfer Fraud or FTF. Both the frequency and severity of FTF claims increased from 2023 to 2024. Claims were up 15% YOY and … Read more